(Alliance News) - Carr's Group PLC on Thursday said it would be delaying the publication of its results for 2022, due to additional audit work.
The Cumbria, England-based speciality agriculture and engineering group said that its full-year results for the year ended September 3 will now be published on February 14.
As previously announced in November, Grant Thornton UK LLP was appointed as the group's auditor on January 18, 2022, following a competitive tender process.
Grant Thornton's planned audit approach, consistent with that adopted by the group's previous auditors, included reliance upon the audit undertaken by Mitchell Charlesworth, the statutory auditors of the group's associate company, Carrs Billington Agriculture.
In November, Carr's said that while the audit undertaken by CBAO's statutory auditors was near completion, Grant Thornton could no longer place reliance on it, and a separate audit was required.
While the company explored "all options" for completing the second audit within the required timescale, no practical solution was identified, leading to delay.
Carr's on Thursday said that in order to complete the annual report by February, previously announced board appointments will only become effective on their publication.
These changes include: the appointment of Peter Page to executive chair from chief executive officer; the resignation of Neil Austin as chief financial officer; and the appointment of David White as CFO.
At the request of the group, trading in Carr's shares was suspended on January 4, in accordance with the Financial Conduct Authority's listing rules.
The group will apply to have the trading of its shares reinstated upon the day its results are published.
By Holly Beveridge; Alliance News reporter
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